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Federated Investors to use revolver borrowings to buy Hermes interests
By Sarah Lizee
Olympia, Wash., April 13 – Federated Investors, Inc. plans to use borrowings under its existing revolving credit facility along with cash to fund its acquisition of a majority interest in Hermes Fund Managers Ltd. from BT Pension Scheme, according to a press release.
Federated will pay £246 million to BT Pension Scheme for a 60% interest in Hermes.
BT Pension Scheme will retain a 29.5% share in Hermes and will continue to invest in Hermes' strategies as a client. Some members of Hermes' management will hold a total of 10.5% interest in Hermes.
Hermes' headquarters will remain in London, operating as a subsidiary of Federated Investors.
The transaction is expected to be completed during the second half of 2018.
Federated Investors is a Pittsburgh-based fund manager. Hermes is a London-based asset management firm.
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